Cryptocurrency exchanges have experienced a significant surge in average deposits in 2024, largely driven by increased participation from institutional and corporate investors.
A report from CryptoQuant on Dec. 3 reveals that Binance has led the way in Bitcoin deposits, with its average daily deposit rising by 2.77 BTC over the course of the year. This growth far outpaces that of rivals Kraken and Coinbase, which saw average daily increases of 0.56 BTC and 0.41 BTC, respectively.
The data highlights a notable escalation in Bitcoin deposits across exchanges, jumping from an average of 0.36 BTC in 2023 to 1.65 BTC in 2024. Similarly, deposits in Tether’s USDt stablecoin also soared, rising from $19,600 to $230,000, indicating a clear influx of institutional investors and market makers into the crypto market.
CryptoQuant’s analysis notes that, similar to Bitcoin, substantial USDT deposits are often attributed to institutional investors or market makers.
Binance set a new benchmark in November with a remarkable daily deposit of 6.85 BTC, valued at $465,000, marking a near tenfold increase from previous levels. Additionally, the exchange saw a peak in USDt deposits, reaching $303,000—its highest since March 2022. Binance’s CEO Richard Teng confirmed that the platform experienced a 40% growth in its corporate client base during 2024, as reported by CNBC.
Elections, ETFs Spur Crypto Adoption
The improved market sentiment toward digital assets can be partially linked to Donald Trump’s reelection prospects. His potential return to office is expected to bring more transparent and supportive regulations for cryptocurrencies in the U.S.
During his campaign, Trump vowed to replace the leadership of the Securities and Exchange Commission and introduce a U.S. Bitcoin reserve. Meanwhile, the rise of new products such as spot Bitcoin exchange-traded funds (ETFs) has bolstered institutional engagement with digital assets. These funds, collectively managing over $30 billion in assets as of November, have received inflows of more than $6.87 billion in just the last 30 days. Notably, BlackRock, the asset manager, now controls more than 2.3% of all Bitcoin globally. As of Dec. 2, the firm’s iShares Bitcoin Trust (IBIT) held 500,380 BTC, valued at approximately $48 billion at current prices.
Related: Trump Makes Big Promises About Crypto in the U.S. — But Can He Deliver?
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